Last June, Leap Wireless committed to buy $800 million iPhones from Apple over the next three years -- making its Cricket brand the first no-contract cellular carrier to offer the popular handsets to its customers.

Earlier this week, Leap revealed that the pace of iPhones sales is lower than expected -- putting the company in jeopardy of failing to meet minimum purchase requirements under its contract with Apple.

BGIT Research analyst Walter Piecyk dug up the iPhone disclosure from the company’s annual report, filed earlier this week with federal securities regulators.

In a research note, Piecyk said he forecast Leap will sell roughly 160,000 iPhones in the first year of its contract with Apple.

“We estimate this represents 3.8 percent of (Leap’s) total phones sold and 6.2 percent of smart phones sold,” he said.

Leap said at its current sales rate, it will sell about one half of the minimum first year commitment of iPhones.

If the slow sales pace continues and Apple enforces the contract minimums, Leap estimates it would spend an extra $100 million buying iPhones this year. In 2014, that number swells to $150 million.

Piecyk pointed out that up until the annual report, information Leap provided about the Apple contract was delivered in comments from management in quarterly earnings conference calls, “and they have generally been pretty positive,” he said.

Last week, Leap President Jerry Elliott said “Apple devices were pretty good in the fourth quarter, actually… We are not concerned about in terms of meeting the Apple commitment.”

But Elliott also said high prices for iPhones and other smartphones had been a roadblock to sales.

Since it’s a no-contract carrier, Leap doesn’t subsidize the cost of smartphones as much as two-year-contract competitors do. So Leap’s iPhones sell for $300 to $500, depending on model and memory, excluding promotions. The same devices might be $99 to $200 at carriers such as Verizon or AT&T.

“The demand is there,” said Leap Spokesman Greg Lund. “It’s our out-the-door price that needs to be addressed. The financing program we rolled out in November will be expanded later this year to allow people to more readily afford the devices they want.”

Progressive Finance teamed up with Leap to provide three-month and nine-month financing for smart phones with a minimum $200 purchase. More financing options are expected, and Leap said it is working with Apple on promotions and advertising for iPhone devices.

The company’s shares ended Thursday down 21 cents at $5.35 on the Nasdaq.